Thailand: Obligations of business operators under the Anti-Money Laundering Law

In brief

It is important that business operators develop measures to prevent money laundering and comply with the Money Laundering Control Act, B.E. 2542 (1999) (“Act“).
 
In this article, we will discuss the obligations of business operators to report transactions that meet the monetary thresholds set by the Anti-Money Laundering Office (AMLO) or where there are any suspicious transactions as stipulated under the Act.

Contents

1. We Can Help

It is worth noting that the aforementioned reporting obligations apply not only to financial institutions but also a number of other businesses which relate to financial transactions as prescribed under the Act.
 
Apart from financial-related businesses, other types of businesses may also have specific reporting obligations under the Act due to the nature of the business (e.g., businesses which trade in gems, precious stones, or…